The average house price in Scotland has jumped by more than £4,000 so far this year, Walker Fraser Steele has found.

In its latest house price index for Scotland, the chartered surveyor revealed that eight authorities reached new highs, with the average price now standing at £224,977.

This is an increase of 1.1% month-on-month, while prices jumped by 2.9% annually.

Across Scotland, 19 local authorities reported an increase in house prices during the month, with 12 reporting decreases.

Regional development director at Walker Fraser Steele, Scott Jack, said: "House prices in most of Scotland have risen sharply in recent months, rising by more than £2,000 in March and again in April. The average house price in Scotland is currently just under £225,000, which is both a record high and a significant increase from the peak it reached in September 2023. This stands in contrast to Wales's and England's markets.

"Nineteen local authorities reported growing prices during the month, easily outnumbering those reporting decreases. No less than eight local authorities saw prices hit new market highs, despite the net positive balance being slightly lower than in March."

The areas with the highest increases in annual prices include Inverclyde (15.4%), Na h-Eileanan Siar (10.1%) and West Dunbartonshire (9.5%) with average prices now standing at £147,260, £162,242 and £149,047 respectively.

However, the areas which saw drops in annual house prices include East Lothian (5.2%) and East Renfrewshire (4.9%), with prices now standing at £315,365 and £317,854.

Jack added: "All housing markets are driven by sentiment and Scotland appears to have turned the corner in terms of both prices and transactions, according to our data. This upswing in confidence is a result of growing salaries, falling inflation, and the anticipation that interest rates will start to come down later this year.

"Consumer sentiment is therefore more buoyant but so is that of mortgage lenders who have been able to lend at higher LTVs, which has improved the situation for first-time buyers and other borrowers facing affordability stretches.

"The Scottish housing market is poised for success in the remaining months of 2024."

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